Acquiring a gold commodity merchant account is better equipped to meet your processing needs.
Merchant account providers tend to avoid precious metals businesses for a variety of reasons. Some of the most common reasons are that precious coin and metal dealers typically sell items that are high-priced, usually more than $100. These are known as “high ticket transactions” that can also result in “friendly fraud”. This increases the risk of credit card processors receiving chargebacks. The current solution that dealers have is to require wire transfers for transactions beyond a certain amount. However, those that only accept credit cards will still face risk.
Secondly, precious metal dealers tend to accept and process payments through an online payment gateway, not in-person, which raises the risk of fraud and chargebacks exponentially. g
Lastly, certain gold bullion and “hard currency” sales are under consumer protection regulations. In order to review an application for compliance, it requires extensive underwriting by the credit card processor. Due to all the aforementioned risks, merchant account providers do not accept precious metals businesses.
Where Can I Find A Gold Commodity Merchant Account?
Although selling precious metals can be incredibly profitable, it is also incredibly risky. The topsy-turvy market can change without warning and there are always new regulations that you need to be able to navigate through. What you need is a high risk merchant account provider that has extensive experience in the precious metals industry in order to secure you a reliable and secure merchant account.
Specializing in the high risk market and offering a variety of solutions to fit your particular business, look no further than EMB. EMB knows that traditional banks and merchant account providers will not serve gold and precious metals merchants. The fact that EMB has been serving all types of high risk businesses for many years, ensures that you will be dealing with a knowledgeable and trustworthy staff to make taking payments as seamless as possible.
In addition to affordable and safe credit card processing, EMB also offers ACH processing, payment gateways that are secure, fraud protection, and chargeback mitigation.
Chargeback mitigation is a vital component in processing payments for your gold commodity business. EMB has partnered with Verifi and Cardholder Dispute Resolution Network (CDRN), and Ethoca’s alert system. CDRN specifically works with card issuers and banks allowing businesses to settle credit card transaction disputes directly. By using this system, gold commodity merchants are able to get more chargeback resolutions, more efficiently.
By having this solid chargeback solution in place, gold commodity merchants will not have to deal with increases in cost, loss in revenue, and possibly worse, a battered business reputation.
Besides merchant accounts, EMB offers the following solutions: business funding, check processing, payment gateways, and numerous integrations with popular platforms.
EMB offers a simple and quick online application to get the process started. Do know that they cannot guarantee that you will be granted a merchant account. However, the process will be completely transparent. You will learn if you were approved for a high risk merchant account in less than 24 hours.
Seek Out The Best For Your Gold Commodity Merchant Account
You don’t have to settle for payment processors that are unfamiliar with the industry. Stick to a merchant account provider that has considerable experience in dealing with volatile markets and equally volatile products. Know that when you entrust your business to EMB, you are making the best investment for your future.